Last 47 quarters of trend data · Basic Materials · Steel
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -4.09 | — | — | — | — | — | — | 916.07 | — | — | 7.51 | 6.16 | — |
| — | — | — | — | — | — | — | +14767.0% | — | — | -35.3% | +81.2% | — | |
| P/S Ratio | 0.38 | 0.38 | 0.32 | 0.19 | 0.22 | 0.26 | 0.33 | 0.36 | 0.54 | 0.50 | 0.35 | 0.36 | 0.45 |
| — | +43.5% | -3.0% | -46.5% | -59.2% | -47.6% | -7.8% | -0.5% | +20.7% | +23.0% | +14.8% | +12.8% | -38.0% | |
| P/B Ratio | 0.96 | 1.03 | 1.05 | 0.63 | 0.63 | 0.66 | 0.84 | 0.99 | 1.50 | 1.27 | 0.96 | 1.07 | 1.21 |
| — | +56.1% | +24.9% | -36.7% | -58.3% | -47.8% | -12.5% | -7.6% | +24.1% | +23.4% | +0.1% | -7.4% | -53.3% | |
| P/FCF | — | — | — | — | — | — | — | 5.04 | — | 5.69 | 3.29 | 2.85 | — |
| — | — | — | — | — | — | — | +76.8% | — | -27.9% | -45.8% | -10.8% | — | |
| EV / EBITDA | — | 42.38 | 31.20 | — | — | — | — | 11.42 | 19.30 | 25.37 | 4.96 | 4.30 | 16.52 |
| — | — | — | — | — | — | — | +165.9% | +16.9% | -49.8% | -26.3% | +47.4% | +316.5% | |
| EV / EBIT | — | — | — | — | — | — | — | 42.43 | 1235.17 | — | 7.63 | 5.84 | 183.42 |
| — | — | — | — | — | — | — | +626.5% | +573.4% | — | -36.1% | +63.6% | +3785.8% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Cleveland-Cliffs Inc.'s operating margin was -4.4% in Q4 2025, down 0.7 pp QoQ and up 6.3 pp YoY. The trailing four-quarter average of -7.5% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 21.4% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -4.6% | -5.0% | -1.0% | -4.2% | -8.4% | -6.3% | -2.3% | 3.2% | 5.5% | 3.3% | 8.6% | 10.8% | 1.9% |
| — | +21.4% | +57.3% | -233.1% | -254.1% | -292.1% | -126.6% | -70.4% | +193.2% | +376.3% | +39.1% | -30.5% | -91.1% | |
| Operating Margin | -7.5% | -4.4% | -3.7% | -10.1% | -11.6% | -10.8% | -5.7% | 0.1% | -0.7% | -2.0% | 5.8% | 8.1% | -0.6% |
| — | +58.8% | +34.4% | -8668.1% | -1490.1% | -449.6% | -197.8% | -98.5% | -24.8% | +45.8% | +75.3% | -39.1% | -103.2% | |
| Net Margin | -7.9% | -5.8% | -5.3% | -9.8% | -10.7% | -10.3% | -5.3% | 0.0% | -1.3% | -3.0% | 4.7% | 5.8% | -1.1% |
| — | +44.1% | -0.1% | -25008.9% | -729.8% | -240.9% | -212.5% | -99.3% | -19.7% | +28.5% | +75.2% | -38.3% | -108.0% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -22.4% | -4.1% | -4.3% | -7.7% | -7.4% | -6.4% | -3.3% | 0.0% | -0.9% | -1.9% | 3.2% | 4.4% | -0.7% |
| — | +35.2% | -27.7% | -28663.0% | -759.3% | -237.7% | -203.3% | -99.4% | -19.6% | +32.3% | +51.9% | -50.0% | -105.6% | |
| ROA | -7.2% | -1.2% | -1.2% | -2.3% | -2.4% | -2.4% | -1.4% | 0.0% | -0.4% | -0.9% | 1.5% | 1.9% | -0.3% |
| — | +47.8% | +14.2% | -20088.0% | -514.8% | -172.0% | -198.8% | -99.4% | -26.4% | +21.8% | +89.8% | -37.3% | -107.4% | |
| ROIC | -7.5% | -1.1% | -1.0% | -2.7% | -2.8% | -2.7% | -1.8% | 0.0% | -0.3% | -0.6% | 2.1% | 3.0% | -0.2% |
| — | +61.6% | +46.4% | -6637.1% | -1016.7% | -324.1% | -187.3% | -98.6% | -35.7% | +42.2% | +71.1% | -45.0% | -102.6% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Cleveland-Cliffs Inc.'s Debt/EBITDA ratio is 89.5x, up from 71.8x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 6.3% YoY to 1.95x, tightening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.15 | 1.15 | 1.41 | 1.28 | 1.17 | 1.13 | 0.53 | 0.48 | 0.49 | 0.44 | 0.42 | 0.49 | 0.59 |
| — | +1.8% | +164.8% | +168.8% | +138.1% | +154.9% | +27.1% | -3.4% | -15.8% | -24.4% | -32.0% | -26.2% | -23.1% | |
| Debt / EBITDA | — | 89.54 | 71.78 | — | — | — | — | 14.99 | 19.08 | 26.59 | 6.02 | 5.43 | 21.61 |
| — | — | — | — | — | — | — | +176.1% | -11.7% | -63.8% | -42.9% | +26.8% | +499.5% | |
| Current Ratio | 1.95 | 1.95 | 2.04 | 2.04 | 2.13 | 2.08 | 1.85 | 1.87 | 1.90 | 1.89 | 2.11 | 2.10 | 2.15 |
| — | -6.3% | +10.1% | +9.3% | +11.9% | +9.9% | -12.1% | -11.2% | -11.5% | -9.5% | -9.4% | -4.4% | -5.7% | |
| Quick Ratio | 0.50 | 0.50 | 0.61 | 0.61 | 0.64 | 0.55 | 0.55 | 0.60 | 0.59 | 0.62 | 0.71 | 0.72 | 0.73 |
| — | -7.7% | +11.2% | +1.0% | +7.0% | -12.0% | -22.8% | -16.0% | -18.4% | -4.0% | -8.3% | -4.4% | -8.8% | |
| Interest Coverage | -2.36 | -1.26 | -1.15 | -3.34 | -3.84 | -3.44 | -2.54 | 0.09 | -0.59 | -1.59 | 4.64 | 6.11 | -0.40 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Quick answers to the most common questions about buying CLF stock.
Cleveland-Cliffs Inc.'s current P/E is -4.1x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Cleveland-Cliffs Inc.'s current operating margin is -7.5%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Cleveland-Cliffs Inc.'s business trajectory between earnings reports.